External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Mobile World Investment / Equity Bottom-Up

<ul><li>TGDĐ &amp; ĐMX:October revenue was VND10.4tn (+32.2% YoY), supported by robust demand for the iPhone lineup.</li><li>The simultaneous launch of the iPhone 17 in Vietnam and the US reduced grey-market inflows and boosted official channel sales.</li><li>Cumulative 10M25 revenue for the two chains stood at VND86.9tn (+16.4% YoY).</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

TGDĐ &amp; ĐMX:October revenue was VND10.4tn (+32.2% YoY), supported by robust demand for the iPhone lineup.The simultaneous launch of the iPhone 17 in Vietnam and the US reduced grey-market inflows and boosted official channel sales.Cumulative 10M25 revenue for the two chains stood at VND86.9tn (+16.4% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mobile World Investment Corporation (MWG VN) – Keep the Plates Spinning

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We maintain our BUY rating and raise our target price by 29% as we roll over our TP horizon to end-2026 and raise our 2025F/26F/27F/28F NPAT-MI forecasts by 16%/21%/26%/29%, respectively.</li><li>Our higher NPAT-MI forecasts are driven by an accelerated pace of BHX store openings as well as gains in electronics market share and service revenue.</li><li>MWG showcased traction of this plan in 8M 2025.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating and raise our target price by 29% as we roll over our TP horizon to end-2026 and raise our 2025F/26F/27F/28F NPAT-MI forecasts by 16%/21%/26%/29%, respectively.Our higher NPAT-MI forecasts are driven by an accelerated pace of BHX store openings as well as gains in electronics market share and service revenue.MWG showcased traction of this plan in 8M 2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG [BUY +21.1%] - BHX Accelerates Expansion, ICT to Sustain Low-Teen Growth - Update

<ul><li>We increase our target price (TP) by 1% and upgrade our rating to BUY from OUTPERFORM.</li><li>MWG’s 14% price correction over the past three months has brought its valuation to an attractive level, with a 2025F forecast P/E of 15x vs a 2024-27F EPS CAGR of 29%.</li><li>Our higher TP is due to rolling our TP horizon forward to end-2025, partly offset by reducing our 2025-27F aggregate NPAT-MI of MWG’s ICT business by 12%, as we trim our GPM forecast for its ICT business in 2025 by 80 bps due to slower-than-expected broad-based recovery in Vietnam ICT’s industry, which softens the prospects of GPM enhancements.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We increase our target price (TP) by 1% and upgrade our rating to BUY from OUTPERFORM.MWG’s 14% price correction over the past three months has brought its valuation to an attractive level, with a 2025F forecast P/E of 15x vs a 2024-27F EPS CAGR of 29%.Our higher TP is due to rolling our TP horizon forward to end-2025, partly offset by reducing our 2025-27F aggregate NPAT-MI of MWG’s ICT business by 12%, as we trim our GPM forecast for its ICT business in 2025 by 80 bps due to slower-than-expected broad-based recovery in Vietnam ICT’s industry, which softens the prospects of GPM enhancements.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MWG [BUY +32.1%] - Strong Earnings Growth Outlook Despite Lower ICT Forecasts

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>For today’s KTX Tactical DR Picks, we recommend taking profit on NVDA80 after a 20.2% gain, while maintaining positions in 11 DRs primarily focused on global technology stocks, especially in the US.</li><li>The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend taking profit on NVDA80 after a 20.2% gain, while maintaining positions in 11 DRs primarily focused on global technology stocks, especially in the US.The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 30, 2025 (Eng.)

<ul><li>For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.</li><li>The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 24, 2025 (Eng.)

Vietnam

Mobile World Investment Corporation is a mobile retailer in Vietnam. The company specializes in mobile phones, tablets, laptops, accessories and other related products through its Thegiodidong store network.

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Mobile World Investment (MWG VN)

Mobile World Investment Corporation (MWG VN) – Keep the Plates Spinning

The simultaneous launch of the iPhone 17 in Vietnam and the US reduced grey-market inflows and boosted official channel sales.

Mirae Asset Securities

MWG [BUY +21.1%] - BHX Accelerates Expansion, ICT to Sustain Low-Teen Growth - Update

We maintain our BUY rating and raise our target price by 29% as we roll over our TP horizon to end-2026 and raise our 2025F/26F/27F/28F NPAT-MI...

Vietcap

MWG [BUY +32.1%] - Strong Earnings Growth Outlook Despite Lower ICT Forecasts

MWG’s 14% price correction over the past three months has brought its valuation to an attractive level, with a 2025F forecast P/E of 15x vs a 2024...

Vietcap

KTX Tactical DR Picks - October 30, 2025 (Eng.)

The KTX DR Tactical Picks portfolio gained 0.45% from the previous day, as global markets rose following the Fed’s 0.25% rate cut announcement.

Krungthai XSpring

KTX Tactical DR Picks - October 24, 2025 (Eng.)

The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing...

Krungthai XSpring

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